Introducing the New Schering-Plough

You short candor? You betting in favor of hype and self-promotion? Then stay away from Fred Hassan and the new Schering-Plough (SGP - commentary - Cramer's Take).

Last night I had the single greatest turnaround artist (he's done five successful ones) on Kudlow & Cramer, and he was exactly as I hoped. He basically urged all the short-term folks to sell. The turnaround isn't next year's business; it is 18 months. (Perfect timing for my Action Alerts PLUS buying that I've been doing.) He admitted that morale was poor when he came in and that the franchise was in tatters.

But he also has an action plan, part of which he tipped off -- Zetia, the next-generation, anticholesterol, anti-heart condition medication -- and part of which he didn't reveal. He gave you no near-term hope. He didn't say he was favoring a takeover; he said he can rebuild the company.

Considering how he was able to do this before, Hassan's a man of his word. I have to tell you that I have been after Hassan to come on Kudlow & Cramer ever since he took the job. His people had been adamant that it wasn't time.

Until yesterday. When he was finally able to say he had gotten the situation in hand.

I know that other than the short-term rally we have had in pharma over pharma's victory in Washington, there hasn't been any horse really worth betting on in this industry.

I think those who still want a sprint have to stay away from Hassan and Schering-Plough. But those who know what it takes to go the distance? SGP's for you.

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At the time of publication, Cramer was long Schering-Plough.

James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS by clicking here. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to [e-mail]. Listen to Cramer's RealMoney Radio show on your computer; just click here. Click here to buy Cramer's latest book, "You Got Screwed!" Click here to order Cramer's autobiography, "Confessions of a Street Addict."